60.40 Preparation and adoption of budget.
(1) Fiscal year; annual budget. The town fiscal year is the calendar year. A town budget shall be adopted annually.
(2) Preparation. The town board is responsible for preparation of the proposed budget required under s. 65.90. In preparing the budget, the town board may provide for assistance by any person.
(3) Hearing. The town board shall conduct the budget hearing required under s. 65.90.
(4) Adoption. The town board shall adopt the town budget.
(5) Amendment. The town budget may be amended by the town board under s. 65.90 (5).
History: 1983 a. 532.
Local units of government may not create and accumulate unappropriated surplus funds. However, a local unit of government may maintain reasonable amounts necessary in the exercise of sound business principles to meet the immediate cash flow needs of the municipality during the current budgetary period or to accumulate needed capital in non-lapsing funds to finance specifically identified future capital expenditures. 76 Atty. Gen. 77.
Article VIII, section 5 restricts the state from levying taxes to create a surplus having no public purpose. Although the constitutional provision does not apply directly to municipalities, the same limitation applies indirectly to them because the state cannot delegate more power than it has. 76 Atty. Gen. 77.